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Loan charges: Which? supports review into payday lending

Which? has expressed its support for the Office of Fair Trading's (OFT) review into payday lending.

Chief executive of the consumer advocacy group Peter Vicary-Smith noted many of these companies mislead the public about their annual percentage rates.

Furthermore, they encourage individuals to roll their loans over several months and take out more cash than they require, he added.

A review of the sector conducted by the organisation last year revealed borrowing £100 on a short-term basis would typically result in loan charges of between £20 and £35, while an authorised overdraft from the Cooperative Bank would cost £1.35.

Mr Vicary-Smith also highlighted the poor website security and privacy provisions that can occur with payday loan companies.

He urged the OFT to deal with this issue as well, arguing: "Borrowers need to know what will happen to their data when they sign up for a loan and that data must be protected."

"We're pleased the OFT plans to review the sector," the specialist declared.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801304449-ADNFCR

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